Aloha! This is David Buck with Harcourts Island Real Estate and today we're going to talk about the local market update for single family homes and condos on Oahu for the month of January, 2024.

Local Neighborhood Update for Homes

First, we're going to start off with the single family homes and there we saw an increase of 500% from sales year over year. A year ago in Waialae-Kahala, there was only 1 transaction that took place and this past month we saw 6 sales. 

While we're on the neighborhood of Waialae-Kahala, we also saw the 2nd highest increase in median sales price. That was up 58% from a year ago. A year ago, the median sales price in Waialae-Kahala was $1,085,000 and this past month it was all the way up at $1,716,500. However, that was not the #1 neighborhood for increase year over year. Moanalua-Salt Lake was slightly up higher at 60%. A year ago, the median sales price there was $953,888 and this past month it was at $1,525,000.

Local Neighborhood Update for Condos

First off, we're going to talk about condo sales on Oahu and Kalihi-Palama saw the largest increase year over year, which was up 175%. In January of last year there were 4 deals that took place in Kalihi-Palama and this past month there were 11. So, that's 175% increase.

Now we're going to jump into median condo price. There was a tie between 2 of the major neighborhoods on Oahu, which were both up 66% year over year,. Diamond Head-Kapahulu saw an increase from $365,000 a year ago to $607,000 this past month. Meanwhile, Waialae-Kahala (that we were talking about earlier) also saw a 66% increase year over year and that was going from $395,000 to $655,000 this past month.

As we talk about every month, every neighborhood is local and specific and there's always prices going up and prices going down. There's stagnation in some neighborhoods. What we are seeing across the board and have been seeing a lack of inventory and we have a segment called We Need Inventory. In the meantime, I hope you're having a great February of 2024 and had an awesome Valentine's this past week as we head into President's Day Weekend. Mahalo!